ECONOMY

China buys more ships than Greece

Greek shipowners have fallen behind their Chinese peers in the number of secondhand ship transactions so far this year, according to data issued by Allied Shipbroking. Observers suggest that the market is nervous as a result of the cancellation of new orders keeps increasing. Regarding data on second-ownership vessels for the year to mid-May, the Chinese had bought 66 ships, spending $695.3 million. Greeks followed with 64 vessels bought but spent $944.4 million. The Norwegian shipowners followed in third place after buying 10 ships for $341.3 million. In total, about $5.3 billion euros has been spent for the acquisition of 427 ships. About $3.1 billion went to the purchase of 301 dry-bulkers, another $1.9 billion for the acquisition of 101 tankers, just $13.4 million was spent on 20 container ships and $45.1 million euros went for five reefers. «China may have bought more ships than Greek shipowners, but the Greeks have spent 25 percent more money, which means they have chosen newer ships on average and therefore will be more competitive,» a source from a well-known shipbroker in Piraeus told Kathimerini. China has shown a particular preference for dry-bulkers, buying 62, while Greeks have bought 48, as well as 14 tankers and two container ships.